Job Discussion Forums

[johnslat]

Dear veiledsentiments,
I agree - it seems high to me, too. But you'd think that the White House would want to make it look as BAD as possible, given the context.
Regards,
John

[helenl]

Apologies Mr S - that was not intended to be a dig at you nor at your post/comments.

It was meant to describe those who take these loans and credit cards without (a) reading the agreements they sign blythely and (b) ignoring the tenuousness of job "security" in the GCC.

Again, sorry for not rereading and clarifying my post before hitting submit.

[allyp]

Watch when you leave with your credit card. I paid my balance off every month so never had a debit balance but when I come to close the account the bank charged me 200 dirams to close the credit card plus they wanted to keep 500dirams for 3 months (the full limit of the card) Their argument was there could be amounts yet to show up on my card. I never did get to see this money.

[Camel Stick]

An interesting debate. I agree with VS's attitude to money - only pay cash and only use credit cards for emergencies (or cheap online hotel bookings!). I think the problem is people know the potential difficulties of living OS on a contractual basis (if indeed those contracts remain honoured by the employer!) but in a kind of theoretical "it will never happen to me" way.
As an employee in the PPP program I know that ADEC are beginning to scale down the project and/or are changing the kinds of jobs on offer. Yet, I have colleagues who have committed to leases (one even took a loan to meet the payment!) rather than take the free company provided accomodation. I think you are putting yourself into a vulnerable position.

[Never Ceased To Be Amazed]

[veiledsentiments]

[allyp]

No it was just 500diram limit. When I arrived the bank gave it to me as part of the package for openning an account. I didn't really give it much thought but I did ask for the lowest credit amount which is 500 dirams. I ended up using it for Showtime monthly payments. Since that experience, I never get credit cards and pay yearly subscriptions for things like Showtime.

VS, as for the new ADEC teachers, yes they are a concern. Some of them are entering 2 year contracts for the hire of their cars and who knows what else. I think its easy with some hindsight or Gulf Experience to understand just how different things are here but when I first arrived, getting a credit card seemed such a minor thing to say yes to. I bet already some of the ADEC teachers are asking themselves whether or not it would be cheaper to buy a car rather than hire. The bank WILL loan them the money and who knows what the future holds for these positions.

[Green Acres]

There is a negative slant coming from these British writers, and I think it has something to do with some Brits who have been imprisoned here. Why these authors never look on some of the positive aspects of life in the UAE, for example, low crime rates, as the other side of the proverbial "coin." There are reasons that Dubai became a financial hub, not to mention low/non-existent tax rates. Cant' find that in London.

If one were to go back into the first 40 years of any countries origins, they would be hard pressed to find a better example of a model of good development as the one in Dubai. Nothing is perfect, but the relative success that is obvious to those who live here has not been given its' credit.

I suppose the hack jobs will continue, until some jailed Brit is released early for good behavoir. No offense to the Brits, really, but haven't we seen this story played out a few times already?

[veiledsentiments]

I assume that you are referring to the article and not to the posters here?

These same news sources have spent the last ten years extolling the supposed virtues of Dubai... and now that the tide has turned, they are merely the usual reporters sensing the blood in the water. Why should they be mentioning the positives of the UAE when the topic is the crash of Dubai? These articles have never been "balanced" to the good or to the bad.

But I have to say that I disagree with Dubai being an example of "good development." IMHO, it is an example of unfettered, unplanned excess - and I found it rather offensive even 10 years ago before they really went extravagantly OTT. It has always been my least favorite city in the Gulf after Kuwait City.

It has become a financial hub as much for its lack of laws as for its lack of taxes. All are welcome to come and launder their ill-gotten gains. The financial system of Dubai is a haven for the gun runners, terrorists, and drug lords of the world.

Nope... you can't find either of those in London or New York...

VS

[Noor]

Three articles of interest in The National this Saturday, beginning with this follow-up on absconding debtors.

=============

In actuality, this was the day the Briton decided to flee Dubai in an attempt to escape more than Dh280,000 in debt he had racked up on six different credit cards and two personal loans.

Mr Fisher, 35, worked in Dubai for 10 years. He arrived in the UAE in 1999, hungry for fame and fortune. After securing a plum job as a prime time presenter on Dubai 92 FM radio, he became a household name on the airwaves.

Mr Fisher�s new home is a spare room in Liverpool loaned to him by a relative. Unemployed and penniless, his riches-to-rags experience has been shared by more than a few UAE-based expats this year.

=============

The complete article here:

http://www.thenational.ae/apps/pbcs.dll/article?AID=/20091024/PERSONALFINANCE/710239886/1042

.

[norwalkesl]

What about completion of Palm and World islands? Will this downturn affect the TEFL industry there?